文档介绍：本科毕业论文外文翻译
外文题目:Detecting rational bubbles in the residential housing markets of Hong
Kong
出处: Economic Modelling,2001,1(18):61-73
作者: Hing Lin Chan Shu Kam Lee Kai Yin Woo
原文:
Abstract
This paper attempts to conduct an empirical study for detecting misspecification errors and rational bubbles in the residential housing markets of Hong Kong. We focus on a fundamental model that defines market fundamental price as a sum of the expected present value of rental e, discounted at a constant rate of return. Testable implications for detecting misspecification errors and/or price bubbles are explored through the flow and stock approaches. In addition, the paper attempts to identify the amount of misspecification and ponents in the property price data of Hong Kong.
Keywords: Bubbles; Housing market; Modelling
Introduction
The total land area of Hong Kong is approximately 1075 km2. However, 80% of the territory is considered too hilly for property development. Therefore, only a tiny portion of the total supply could be used for residential purpose. The need to modate a total population of 6 800 000 people on a meager 50 km2 of residential land has made Hong Kong one of the most densely populated cities in the world. Without doubt, land is one of the scarcest resources in Hong Kong. How to use the resource efficiently is, therefore, an important question. In a market econom